Stock Market Today: Dow Jones Rises as Powell Speech Looms; Nvidia rival AMD is jumping

The Dow Jones Industrial Average and other major stock indexes traded higher Monday as markets watch for a possible signal from Fed Chairman Jerome Powell on interest rates this week. Nvidia (NVDA) rival Advanced micro devices (AMD) rose on the stock market today after it agreed to acquire an artificial intelligence hardware maker.

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After the opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 gained 0.2%. The tech-focused Nasdaq composite rose 0.1% in morning action.

Early Monday, the yield on ten-year government bonds rose to 3.9%. Oil prices held steady, with West Texas Intermediate futures trading around $75.50 per barrel.

Among exchange-traded funds, Invesco QQQ Trust (QQQ) rose 0.1%, while the SPDR S&P 500 ETF (SPY) gained 0.2% after the opening.

Early Monday, shares of Nvidia rival AMD rose nearly 1% after the company agreed to acquire ZT Systems in a cash-and-stock deal worth $4.9 billion.

AMD CEO Lisa Su said in the press release that the purchase will “enable AMD to deliver end-to-end data center AI infrastructure at scale.”

Wake-up calls are still ringing for Nvidia, Google, Meta and more

Today’s fair: Jackson Hole meeting

The spotlight will shift this week to Jackson Hole, Wyo., for the Kansas City Federal Reserve’s annual economic symposium, taking place Thursday through Saturday.

Fed Chairman Powell, who will speak Friday morning, is expected to signal a 25 basis point cut in the federal funds rate in September. However, markets are assuming a near 26% probability of a half-point decline.

The top gainers this week include Goal (TGT), Burlington Stores (BUL), TJX (TJX) And Ross Stores (ROST). In the meantime, Baidu (BIDU) leads a heavy contingent of reports from China-based leaders. Toll brothers (TOLL) highlights an important week for the real estate sector.

Hammer selling attack, Nvidia stock and more. But rays of hope appear.

Dow Jones extends rally

On Friday, the Dow Jones Industrial Average, the S&P 500 and the tech-heavy Nasdaq composite all rose 0.2%.

During Friday’s IBD Live showthe IBD Live team discussed current trading conditions and how investors should interact with the stock market today.

This is an important time to read The Big Picture column amid the ongoing market action. Also learn how to adapt to changing market conditions, with IBD’s new exposure levels.

Nvidia cracks deepen. Don’t ignore previous wake-up calls.

Stock market today: the best stocks to watch

Some of the best companies to watch in the stock market today include Birkenstock (BIRK), Cava (CAVA), Ferrari (RACE) And Shake Shack (SHAKE).

Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT) And United Health (UNH).

There was one new stock out IBD market wave‘s Breaking Out Today list Friday. Fortinet (FTNT) broke past a 73.91 buy point. Shares added 0.1% on Monday.

Furthermore, there are a handful of stock ideas on the site List ‘Near pivot point’. These are top stocks approaching new buy points, such as Intuitive (INTU). Intuit stock is just below a 674.34 cup-with-handle entry. Shares rose 0.3% on Monday.

For more stock ideas, check out IBD stock lists such as IBD50, Large hood 20 and stocks near a buy zone.

Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboards

Dow Jones: IBM, UnitedHealth

Among Dow Jones components, UnitedHealth is in a buy range above a 554.70 buy point in a cup basis, according to MarketSurge Pattern Recognition. Shares added 0.2% Monday morning.

Meanwhile, IBM is closing in on its latest entry, a buy point for a cup with handle at 196.26. IBM shares gained 0.4% on Monday.

Outside the Dow Jones index, Mediterranean restaurant chain Cava regained its 50-day line in bullish fashion last week. That also presents a buying opportunity for more aggressive investors. The shares are trading just above a quote of 98.69. Cava shares fell 1% early Monday. It is a stock on the IBD SwingTrader list.

Birkenstock is in buy range beyond a 61.83 buy point on a flat base after last week’s breakout move. Shares gained 0.5% early Monday.

Shares of carmaker Ferrari are breaking past a 442.80 buy point from a flat base. Ferrari is an IBD Leaderboard stock. Shares added 0.2% Monday morning.

Shake Shack breaks past a cup-with-handle entry at 105.68. But shares fell more than 1% Monday morning after a downgrade from Piper Sandler.

Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day

Stock market today: companies to watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD data as of August 15

Join IBD experts as they analyze the top stocks in the stock market today on IBD Live

Beautiful seven stocks: Nvidia, Tesla

Of Magnificent Seven’s shares, Nvidia fell 0.2% Tesla (TSLA) rose 0.5% in morning trading.

Shares of Nvidia rose another 1.4% on Friday, extending its winning streak to five days and pushing it further above the critical 50-day mark. If Nvidia can stay above this level, it will soon offer an extra good entry point. But if the stock gives up in high volume, further weakness is likely.

Shares of Tesla rose 0.9% on Friday, further above the 50-day mark for the first time since August 2. The electric car giant’s shares could follow the right side of a new base, but it’s still early in the process.

Dow Jones Leaders: Amazon, Apple, Microsoft

Among the Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded mixed after Monday’s stock market open.

Amazon shares have decisively reclaimed their long-term 200-day mark during recent gains. The stock rose 0.3% Monday morning.

Apple stock is back above its 50-day mark amid a seven-day win streak. Last week, shares triggered the round-trip sell line from a 199.62 buy point. Apple fell 0.7% on Monday.

Despite Friday’s losses, Microsoft shares are back above the 200-day mark. And on Monday morning, shares soared.

Make sure you follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.

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